AUDUSD: Short Trade Setup Brewing Sub-1.06

DailyFX

Strategy: Pending Short

AUDUSD is turning lower after putting in a Shooting Star candlestick below resistance at the top of a rising channel carved out since late June. A break below the 1.05 figure initially exposes 1.0443, with a break below that aiming for 1.0328. We will look for confirmation on a close of the current candle to actively position for a short entry.

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AUDUSD_Short_Trade_Setup_Brewing_Sub-1.06_body_Picture_5.png, AUDUSD: Short Trade Setup Brewing Sub-1.06

Daily Chart - Created Using FXCM Marketscope 2.0

Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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